Exhibit 10(u)2
AMENDMENT
TO THE
MINNESOTA POWER
EXECUTIVE ANNUAL INCENTIVE PLAN
The Minnesota Power Executive Annual Incentive Plan (the "Plan") dated
January 1, 1999, is amended as follows:
1. Effective September 1, 2000, Section 1.1, is amended to read as follows:
ESTABLISHMENT OF THE PLAN. ALLETE, Inc., a Minnesota corporation,
formerly Minnesota Power & Light Company (hereinafter referred to as
the "Company"), hereby establishes an annual incentive compensation
plan (the "Plan"), as set forth in this document. The Plan allows for
annual cash payments to Participants based on the Company's annual
performance relative to both financial and non-financial goals.
2. Effective September 1, 2000, the title of the Plan is amended to be the
ALLETE Executive Annual Incentive Plan.
3. Effective January 23, 2002, Section 2.11 is amended to read as follows:
"RETIREMENT" shall, with respect to a Participant, have the meaning
ascribed to such term in the tax qualified retirement plan maintained
by the Company or subsidiary for the benefit of such Participant. In
the event Participant is eligible for benefits under more than one
such tax qualified retirement plan, the earliest date provided under
any of said plans shall be the meaning ascribed under this Plan.
ALLETE, Inc., formerly
Minnesota Power, Inc., formerly
Minnesota Power & Light Company
By: /s/ Philip R. Halverson
-----------------------------------
Philip R. Halverson
Corporate Secretary, Vice President
and General Counsel